Decentralized computing platform Chainlink announced a partnership with Fidelity International and cryptocurrency bank Sygnum to bring Net Asset Value (NAV) data onto the chain.
The collaboration between Fidelity, Sygnum Bank, and Chainlink aims to enhance the transparency and accessibility of tokenized asset NAV data.
Following the partnership, NAV data will be reported and updated accurately and securely on-chain via Chainlink and any public or private networks.
The announcement highlights that Fidelity International and Sygnum have partnered with Chainlink to provide on-chain NAV data for Fidelity International’s $6.9 billion currency market fund. This move signifies an important use case for the productivity of tokenized assets.
Chainlink co-founder Sergey Nazarov stated that the tokenization of funds is a major trend in the digital asset space, indicating that global asset management companies are increasingly entering this growing market.
We are excited to announce that Fidelity International and Sygnum have partnered with #Chainlink to provide on-chain NAV data for Fidelity International’s $6.9B currency market fund. This is a milestone use case for tokenized assets
https://t.co/dfQ3Shgx6f
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— Chainlink (@chainlink)
July 3, 2024
He emphasized that the global impact and efficiency advantages of tokenized funds surpass traditional methods, and it is expected that the entire asset management industry will ultimately adopt this form.